RBI digital lending guidance governs how regulated entities use digital lending apps and lending service providers.
Official sources
What RBI is trying to do
RBI wants borrowers to understand who is lending, what costs apply, where money flows, how data is used, and how complaints are handled. Regulated entities remain accountable for lending service providers and digital lending apps used in the lending lifecycle.
What teams need to do
- Map regulated entities, lending service providers, digital lending apps, technology providers, and
customer touchpoints.
- Review disclosures, key fact statements, fund-flow arrangements, fees, data collection, consent,
storage, and grievance redressal.
- Monitor LSP and DLA behavior, complaints, incidents, data practices, and customer-impact issues.
- Preserve evidence for outsourcing accountability and RBI review.
Evidence to maintain
- LSP and DLA inventory.
- Customer disclosure and key fact statement evidence.
- Data collection, consent, storage, and privacy records.
- Fund-flow and fee evidence.
- Complaint, incident, remediation, and monitoring records.
Common gaps
- Digital lending app vendors are tracked as technology vendors but not customer-outcome providers.
- Data collection by LSPs is not mapped in enough detail.
- Complaint handling is not connected to provider oversight.
How Halbarad helps
Halbarad helps connect LSPs, DLAs, customer journeys, data practices, disclosures, complaints, incidents, remediation, and approvals in one record.
Disclaimer
This guide is for general information only and is not legal advice. Review the official regulation, guidance, and supervisory materials, and consult qualified counsel or compliance advisors for your organization's specific obligations.